Notes for Startups Stephen Daze Dom Herrick Entrepreneur

Notes for Start-ups Stephen Daze Dom Herrick Entrepreneur in Residence and Visiting Professor u. Ottawa, Telfer School of Management

Daze: Relevant Bio -Founder: Agawa Entrepreneurship Development Corporation: www. agawacorp. com & www. coachmystartup. com -Managing Director Entrepreneurship and Innovation: OCRI (Invest Ottawa) 14 years. -Graduate: 1) u. Regina: Business Degree 2) St FX: Adult Education Program 3) Babson College: Entrepreneur Educators Program, and 4) Lean Launch. Pad Educators Program, Stanford. -u. Ottawa Telfer: Visiting Prof - MBA 6262, 6297 & ADM 3313 (Entrepreneurship) +10 years; and, Entrepreneur in Residence u. Ottawa Telfer. -Previous: - Board Director: Ottawa Chamber of Commerce - Chair: Manning Innovation Awards - Judge: OBJ Top 40 - 15 years retail Operations & HR - Contributor: www. economicdevelopment. org

Current State • Entrepreneurism is a sought after career option. • Kauffman-funded study of youth aged 8 -21 cites 40% of respondents as listing entrepreneurship as their number one career aspiration http: //www. kauffman. org/uploaded. Files/youth_eship_factsheet_201 0. pdf • According to a 2013 BMO survey, 46% of Canadian post-secondary students surveyed said they see themselves starting a business after graduation. Financial Post September 6, 2013: http: //business. financialpost. com/2013/09/06/students-look-to-starttheir-own-businesses-after-graduation-amid-bleak-job-prospects/ • The world of entrepreneurship has changed dramatically in the last 10 (and even 5) years: no longer “business” as usual. 3

Top 10 pieces of entrepreneurial advice for start-ups

10. Self Reflect: Weaknesses? Step up? 5

9. Get Help – You Need it! Your Business on the Strength of a Solo Entrepreneur Your Business with a Diverse Team of Co-Founders 6

You’re not Alone Check out: • The Entrepreneurs’ Club • Enactus u. Ottawa • www. u. Oentrepreneurs. com • Invest Ottawa: esp. Summer Company • Futurpreneur • Hub Ottawa • u. Ottawa e. Hub • Start-up Ottawa • Library • Difference Makers • Startup Garage • Next Canada • Venture for Canada • Founder Institute • Etc. 7

8. Don’t Write a Business Plan • … yet. • It’s too easy to write a great looking business plan for a crappy idea. 8

7. Start with an Idea 9

…then learn about Business Modeling

Business Modeling • Tools and Resources: – http: //www. businessmodelalchemist. com/tools – http: //www. boardofinnovation. com/businessmodel-templates-tools/ – http: //www. businessmodelgeneration. com/ – http: //www. youtube. com/watch? v=n. Zndv 4 HLVIg &list=PLCF 4855 C 459 EA 4811&index=3 11

6. Learn about Key Metrics for Success • TAM (Total Addressable Market); SAM & SOM • CAC (Customer Acquisition Cost) • LTV (Lifetime Value of a Customer) • Burn Rate • ROI (Return On Investment) • + Industry specific key metrics 12

5. Look for Opportunities and validate, validate… • • Pain in the market? Customers willing to pay to solve their pain? Solution can be efficiently delivered? Unique value relative to current solution and competitor's? • Talk to Customers. (Yes, before you have built your product. ) 13

14

4. Don’t Focus on Funding • Dragon’s Den is Reality TV. It’s as real as all the others. • Focus on selling a solution to a real customer for real money, then 10 more, then 50 more… 15

3. Tell People about Your Idea • Don’t worry, they won’t steal it…and if they could, then it’s too precarious to begin with. • If someone is going to steal your idea, they will the day after you launch. • BTW: Businesses don’t succeed because of the idea – they succeed because of great execution. 16

2. Think Big, Start Small 17

1. Don’t be Afraid to Try You’ll be wrong about something – find out fast and adapt. Just Do It! 18

“ Entrepreneurship is neither a science nor an art. It’s a practice. - Peter Drucker Get out and practice! ”

http: //sites. telfer. uottawa. ca/entrepreneurship/ https: //startup. zeef. com/stephen. daze https: //engineering. uottawa. ca/entrepreneurship/ceed

sdaze@uottawa. ca https: //startup. zeef. com/stephen. daze